IoTeX was appointed Vice-Chair of the Standard for the Framework of Blockchain Use in the Internet of Things. The Standard tackles issues such as protection and privacy concerns in permissioned IoT blockchains and permission-less IoT blockchains.
Dr. Xinxin Fan, Head of Cryptography at IoTeX, has been appointed as Vice-Chair of the IEEE’s P2418.1 Standards Working Group, a blockchain project seeks to provide a shared structure for both permissioned and permissionless blockchain use, implementation, and interaction with the Internet of Things (IoT).
The IEEE acronym stands for the Institute of Electrical and Electronics Engineers and is well-known in the technology industry. With over 500,000 members in over 60 countries, the organization is one of the largest professional organizations in the world. The IEEE Standards Association’s mission is to provide a neutral forum for experts from around the world to collaborate on standards and reach consensus, according to Dr. Ramesh Ramadoss, Co-Chair of the IEEE Blockchain Initiative.
Interoperability is a critical component of the working group’s position in developing standards that unleash the full potential of the blockchain innovation ecosystem.” Standards aid in developing and implementing emerging technology by lowering technological barriers. Lack of interoperability is a technical obstacle in the blockchain space. A universal standard should be followed when connecting devices to blockchains to allow decentralized machine-to-machine communications.
The value of establishing and maintaining standards is critical in every new and evolving technology. The IEEE is committed to developing these standards in collaboration with a group of industry experts, including IBM, GE, Dell, and Huawei. The Standard aims to solve the current lack of interoperability in the blockchain space by removing technological barriers to this technology.
In an interview with Dr. Ramesh Ramadoss, Dr. Xinxin Fan discussed the role of standards in fueling a market that is projected to cross $31 billion globally by 2030:
“The IEEE has been instrumental in creating global standards for emerging technologies. I’m honored to participate in this process for blockchain IoT, which will benefit from standards that boost interoperability while protecting the privacy and fueling innovation. These are the building blocks that bring even more enterprises on board with blockchain IoT.”